All Forum Posts by: Gordon Cuffe

@Karim Kane The only way to buy a property with only 20k with the prices in Oakland and surrounding areas is to take out a FHA loan with 3.5% down or a 3% down conventional loan. You will just need to see how much the mortgage payment is and if she can afford the payment. Then you will need to see how much the market rent is for that type of property to see how much negative cash flow the property will bring in. It is very tough to get positive cashflow with such a small down payment unless you hold on for some years.

@Ben Foroodian welcome to the BP community. If you ever have any questions about local or out of state investing just send me a message. I have lived around the Sacramento area for many years.

@Kale Johnson in order to qualify for for any loan you will need either a W2 job or two years of verifiable business income. Once you start working, you can always get the down payment as a gift.

@Robert Love Good luck on your journey. The toughest part now is finding a property at a discount. There is such a low supply of properties for sale that it is tough on buyers to find anything. Hopefully the supply of homes for sale increases during the rest of the summer and fall. If you ever have questions, you can always PM me. 

@Christian Perry I am a mortgage broker in the Sacramento area who also fix n flips homes. Have you guys ever pulled permits at the City of Sacramento? 

@Michael Loperena multifamily is considered 5 units or more. Ask yourself if you have at least 20% of 2 million dollars to buy multifamily around the san jose area. If your looking to buy a 1 to 4 unit property, you can buy that kind of property with a lower down payment if your moving into one of the units. You can find many other states that have way lower price points. You will just need to look deep into property managers, real estate agents and contractors because there are many incompetent or crooked people in those professions. I have had the unfortunate experience to deal with flat out crooks with out of state investing. 

@Bailey Rentz I sent you a pm asking for details. 

I am selling my remodeled home with converted detached garage. The main home is 2br 1ba. the apartment is 1br 1ba. Local property manager said the units should rent for a total of $1600.0 per month. It is located at 2141 Clinton ST Abilene TX 

@David Garcia If you can find and list a home for sale, you can excel at real estate investing. I am a mortgage broker in Roseville and real estate investor. The most difficult part of investing these days is finding the right deal. If have fix n flipped homes and own rental properties. You can PM questions anytime. 

@Ryan Sario You will start with buying a primary residence which might be a duplex or single family home to house hack. Dont worry about not knowing enough on your first transaction. You can just get a home inspection on your first purchase so you know what your buying and what work the property needs. I suffered through the 2008 mortgage meltdown and lost rental homes. If that was once in a lifetime occurrence then you will be fine.I just got ripped off by another contractor. Watch out for contractors if you ever purchase a property that needs a lot of work. They are the most crooked part of the real estate investing equation.